CPI Property Group - comment

The Q3 25 trading statement held no surprises for us. CPI debt has moved out of the stressed universe, and the company recently placed new Hybrid debt. CPI will continue to trade certain assets with its various subsidiaries rather than with third parties. Governance will remain a focus, given the stake held by the major shareholder; however, the board has strengthened its independence over the last two years, and corporate governance has receded as an investor concern for now.